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The Virtual Visits Market Size is valued at USD 20.93 Billion in 2023 and is predicted to reach USD 142.52 Billion by the year 2031 at a 27.4 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Growing patient demand for more flexible and accessible healthcare options drives the market. Many patients report high satisfaction with virtual visits, citing factors such as convenience and reduced waiting times.
- International health organizations promote telehealth as a means to improve healthcare access in underserved regions. This global push helps drive market growth and innovation.
- North America dominated the market and accounted for a global revenue share in 2023.
- Virtual visits involve the transmission of sensitive health information over digital channels, raising concerns about data privacy and cybersecurity. Ensuring compliance with approvals & regulations such as HIPAA is critical but can be challenging.
The term "virtual healthcare" refers to "virtual visits" that occur between doctors and patients over real-time audio or video communications from anywhere in the world. Patients can engage with doctors and receive medical consultations virtually from the comfort of their homes, saving both time and money. The main drivers of market growth are the rise in smartphone usage, technological developments in the healthcare industry, and the demand for shorter hospital wait times. Additionally, increasing COVID-19 infections globally are boosting the market's expansion. The global market for virtual healthcare delivery is predicted to benefit significantly from the healthcare industry's increased embrace of virtual healthcare services. For medical consultations, apps like Zoom and Facetime are now legal in many nations. The WHO also advised using virtual healthcare delivery services to assess potential COVID-19 cases, which drives the market's expansion.
However, network challenges, lack of knowledge, and data security concerns impede industry expansion. The market for virtual visits is expected to increase slowly over the timeline due to the rising cost of software and hardware. The high cost of deploying the necessary systems, devices, and equipment related to real-time measurement of healthcare data is a crucial market constraint.
Competitive Landscape
Some Major Key Players In The Virtual Visits Market:
- AMD Global Telemedicine,
- American Well,
- Koninklijke Philips,
- Teladoc Health,
- Banner Health,
- Beato,
- Blue Sky MD,
- Careclix,
- Cerner,
- CHI Health,
- Chiron Health,
- CVS Health,
- Dialogue,
- Doctor On Demand,
- Doxy(.) ME,
- Eagle Telemedicine,
- Edgemed Healthcare,
- eVisit, HealthTap,
- Health at Hand,
- HealthHero,
- Instapract,
- MDLive, MediBuddy,
- MFine,
- NeuroSynaptic Communications,
- Nextcare,
- Optum,
- Plushcare,
- Piedmont Healthcare,
- Practo, RO,
- Reecuro Health,
- SteadyMD,
- SOC Telemed,
- TRUDOC Healthcare,
- Vidyo,
- VSee,
- Walmart Health Virtual Care,
Market Segmentation:
The Virtual Visits Market is segmented on the basis of Component, Application, and Patient Group. Based on the Component, the market is segmented into Service and Hardware. Based on Application, the market is segmented as General Consultation, Behavioural Health, Chronic Care Management, Urgent Care, and Others. Based on the Patient Group, the market is segmented as Adults and Pediatrics.
Based On The Component, The Service Segment Is Accounted As A Significant Contributor To The Virtual Visits Market.
The services type category will dominate the market. The demand for virtual care applications in chronic disease management and real-time monitoring, rapid developments in digital infrastructure, rising internet and smartphone penetration, and innovations in hardware and software components are propelling the segment's expansion. The rapidly expanding demand for these services is anticipated to be supported by the rapidly changing digital landscape. The adoption rates of these services are increasing due to the creation of numerous platforms and applications to track health and wellbeing and monitor, diagnose, and prevent disease. Market expansion will be aided by emerging economies' increasing investments in digital infrastructure to address co
Based On The Patient Group, The Adult Segment Is Accounted As A Major Contributor In The Virtual Visits Market.
Increasing smartphone adoption within this age group, intense internet usage, and a constant rise in the incidence of mental health problems have led to a sizable market share. Growth in this market is anticipated to be fuelled by the increase in the number of persons reporting mental health difficulties as well as the rising rates of anxiety and despair among people. With the rising prevalence of chronic illnesses, including diabetes, hypertension, various cardiovascular diseases, etc., in this age group, consumers between the ages of 35 and 49 the segment will have the highest CAGR among all the elements over the forecast period. This segment for virtual visits is anticipated to grow during the forecast period because of the many benefits associated with them, including reduced waiting times due to pre-scheduled appointments, a lower risk of acquiring new infections from hospitals, and ease of comfort.
In The Region, The North America Virtual Visits Market Holds A Significant Revenue Share.
North America will dominate the global market and account for the maximum revenue share due to its large population of smartphone users, strong internet connectivity, high healthcare IT spending, advancements in digital infrastructure, increased demand for physical healthcare facilities & resources, the prevalence of chronic diseases, and high awareness levels of digital health & virtual care platforms among patients & healthcare providers. In the upcoming years, it is anticipated that the regional market will be driven by the growth of cloud-based apps and platforms as well as the appearance of start-ups creating and supplying these cutting-edge solutions. The need for medical and healthcare support in rural and distant areas is increasing, which is pushing significant businesses to provide advanced solutions to meet the demand. Furthermore, during the COVID-19 pandemic, the general public widely used virtual care applications. The expanding business is being supported by favourable government initiatives and financing to improve internet connectivity in rural areas.
Recent Developments:
- In November 2023, Piedmont launched improvements to virtual visits on Piedmont.org, its largest digital platform, giving patients in Georgia better and more accessible access. Eighty per cent of Georgia's population lives in communities served by Piedmont, the state's largest healthcare provider. Piedmont's video visits adhere to HIPAA regulations and are protected by strict digital security protocols.
Virtual Visits Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 20.93 Billion |
|
Revenue Forecast In 2031 |
USD 142.52 Billion |
|
Growth Rate CAGR |
CAGR of 27.4 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Component, Application, Patient Group |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
AMD Global Telemedicine, American Well, Koninklijke Philips, Teladoc Health, Banner Health, Beato, Blue Sky MD, Careclix, Cerner, CHI Health, Chiron Health, CVS Health, Dialogue, Doctor On Demand, Doxy(.) ME, Eagle Telemedicine, Edgemed Healthcare, eVisit, HealthTap, Health at Hand, HealthHero, Instapract, MDLive, MediBuddy, MFine, NeuroSynaptic Communications, Nextcare, Optum, Plushcare, Piedmont Healthcare, Practo, RO, Reecuro Health, SteadyMD, SOC Telemed, TRUDOC Healthcare, Vidyo, VSee, Walmart Health Virtual Care, and Zipnosis.. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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